Washington H. Soul Pattinson Agrees A$234M Sale of Round Oak Minerals

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By Stuart Condie

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SYDNEY–Washington H. Soul Pattinson & Co. has agreed to sell its Round Oak Minerals subsidiary to Aeris Resources Ltd. in a deal that will make the investment manager the largest shareholder in the Australia-listed miner.

WHSP on Thursday said it had agreed to sell the copper and zinc miner for a total of 234 million Australian (US$166.8 million), comprising dollars A$80 million in cash and the balance in Aeris shares. It expects the sale to be completed on July 1 and will have a 30.3% stake in Aeris.

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It said it also expects to receive A$100 million in total cash distributions from Round Oak before the completion of the deal.

This transaction represents the culmination of a significant phase of investment in building a substantial base metals business,” WHSP Managing Director Todd Barlow said.

Aeris said it plans a fully underwritten A$117 million equity-raising to fund the cash component, comprised of an institutional placement and a 1-for-4.22 pro rata, accelerated non-renounceable entitlement offer.

Write to Stuart Condie at [email protected]

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Credit: www.marketwatch.com /

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